Single premium
- Thread starter walleye
- Start date
- 18,989
I prefer KSKJ but RNA, Oxford and Trinity are good too.
Just re-read your question. $5K premium or face? No one is going to do a $5K face single premium that I know of. Will be hard, if not impossible to find one at $5K premium.
KSKJ is minimum face of $10K. That would cost $6333. Just about everyone else is minimum premium.
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- Thread starter
- #3
- 6,466
Caveat, not an agent
If these guidelines are still correct and you and she are willing to get into paramed exam territory, I would look at this one. I didn't realize it dropped down to $5k. I didn't consider it for purchase recently because I wanted no medical exam coverage. A forum member whose judgement I respect suggested it to me some years back (although I never made a purchase then) and I have seen him suggest it to others in two or three posts since that time.
https://agent.mutualtrust.com/content/pdf/M-144_prodGuide_horizonLegacy.pdf
https://agent.mutualtrust.com/content/pdf/M-124_UWGuidelines.pdf
You could also ask her if she would consider one policy for both kids as co-benficiaries - which would open up the $10K bracket for that coverage. I know that could be touchy, depending on family relationships. I finally decided to take that approach-one policy with kids as co-beneficiaries- hoping that will not create problems when "the time" rolls around.
Current background discussion on Single Premium MEC traps here:
https://insurance-forums.com/community/threads/life-insurance-loans-to-avoid-mec.107544/
Old thread with some relevant comments:
https://insurance-forums.com/community/threads/best-simplified-issue-spwl.55754/
(I may have another comment for you, but need some time to think it through)
If these guidelines are still correct and you and she are willing to get into paramed exam territory, I would look at this one. I didn't realize it dropped down to $5k. I didn't consider it for purchase recently because I wanted no medical exam coverage. A forum member whose judgement I respect suggested it to me some years back (although I never made a purchase then) and I have seen him suggest it to others in two or three posts since that time.
https://agent.mutualtrust.com/content/pdf/M-144_prodGuide_horizonLegacy.pdf
https://agent.mutualtrust.com/content/pdf/M-124_UWGuidelines.pdf
You could also ask her if she would consider one policy for both kids as co-benficiaries - which would open up the $10K bracket for that coverage. I know that could be touchy, depending on family relationships. I finally decided to take that approach-one policy with kids as co-beneficiaries- hoping that will not create problems when "the time" rolls around.
Current background discussion on Single Premium MEC traps here:
https://insurance-forums.com/community/threads/life-insurance-loans-to-avoid-mec.107544/
Old thread with some relevant comments:
https://insurance-forums.com/community/threads/best-simplified-issue-spwl.55754/
(I may have another comment for you, but need some time to think it through)
- 6,466
(caveat, NOT an agent)
Assurity, Baltimore Life, Elco Mutual and Sagicor. ( I would expect all of those to accept a $5K to $6K single premium payment. (Dec 2021))
I would expect Assurity and Baltimore Life to illustrate similarly with premium at 85% to 80% of face and initial cash of 65% to 60% of face. They do have different AM best ratings and old posts I have seen suggest they have different commission structures.
If she believes she will live into her 90's strongly enough to base an insurance buying decision on that belief, Elco may be a good choice. (No basis for comparison but if she is willing to do paramed and wants to take the long life gamble, I would certainly put MTL in the mix too.)
The Sagicor illustration I have is for UL. I have tried twice and I am totally incapable of understanding it so I did not consider it. That old thread I linked suggests Sagicor may also have a non-UL option. I did not see an illustration for anything like that so I can't comment on it.
I hope you are able to find a solution that works for her.
Assurity, Baltimore Life, Elco Mutual and Sagicor. ( I would expect all of those to accept a $5K to $6K single premium payment. (Dec 2021))
I would expect Assurity and Baltimore Life to illustrate similarly with premium at 85% to 80% of face and initial cash of 65% to 60% of face. They do have different AM best ratings and old posts I have seen suggest they have different commission structures.
If she believes she will live into her 90's strongly enough to base an insurance buying decision on that belief, Elco may be a good choice. (No basis for comparison but if she is willing to do paramed and wants to take the long life gamble, I would certainly put MTL in the mix too.)
The Sagicor illustration I have is for UL. I have tried twice and I am totally incapable of understanding it so I did not consider it. That old thread I linked suggests Sagicor may also have a non-UL option. I did not see an illustration for anything like that so I can't comment on it.
I hope you are able to find a solution that works for her.
No, Sagicor's SP is an ISPUL (Indexed Single Premium Universal Life).
Baltimore Life's is exactly the same as RNA's, but RNA pays way better to the agent. RNA probably pays better to the agent than just about any company that I'm aware of. Not that you would sell it because of the higher commission, but if you are going to use Baltimore, then why not go RNA and get paid better, right?
The one item of note for most of the SPIULs is that they have a guaranteed, built-in ROP so the client can walk at any time with their initial deposit.
National Western is also competitive in this market.
- 18,989
And RNA now has a $7K face minimum instead of the $10K premium minimum they used to have.
But bang for the client’s buck will be KSKJ if available in that state.
And no one pays the agent like RNA on SP but KSKJ pays better than most.
- 6,466
(Caveat, not an agent.)
Is KSKJ available in MN? OP's profile suggests that may be the state.
A takeaway I get from your post--an option op might be able to propose is getting an RNA policy for $7K face for funeral home and putting balance in a KSKJ policy with both kids as co-beneficiaries?
Do you see a lot of instances of conflict between kids when a parent does one policy split equally between however many there are?
- 18,989
They are in Mn. Most parents insist on an equal split. But there's always exceptions. I'm helping a client add back on a child that she removed as beneficiary a year ago. Family dynamics are fluid.
As to the question of policies I would put it all with one company. Whether that be RNA or KSKJ.
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